Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-12
NEW PROPOSITION.
NEssRs. THORNTON q BRAIrHwArrE
PREPARED WITH ANOTHER OFFER.
The Legislative Committee 10 Meet This
Morning, and Will Then
Consider II.

Sir Edward Thornton and MIR. Braith-
waite having received cablegrams from
London during the day, yesterday eve
ming placed in the hands of Speaker
Stuart. chairman Of the Legislative debt
committee, a new proposition for the
settlement of the Virginia debt through
the medium Of the Council of Foreign
Bondholders.
1t was the purpose Of Mr.. Stuart at
first 10 call the committee together last
night. bnt upon second thought 1t was
determined that IL would do Just as
well 30 wait until this morning, when
the committee viii. meet to read their
final and complete report. now beng
prepared by Mr. Massey.
A QUESTION.
with a majority of the committee 1t
is n question whether they are author
lied 10 proceed any further with nego-
tiations. having already reported to the
two houses that they had received the
ntimafun Of The commissioners, and
said. in substance, that the conference
was closed. At the same time 1t IS
not doubted that the new proposition
will he received, and il in good shape
for legislative action will be transmit
ted TO the two houses Of the General
Assembly.
This session, it Ia expected, will be
brought 10 a close about the Goth of
MAY, and whatever is TO Toe done must
be quickly done TO insure attention.
THB SUBSTANCE or 1T.
Tie details of the proposition sub
mittcd yesterday afternoon have been
carefully withheld and they are of too
complicated nature to be carried
around on gossipers tongues, but it Is
known that the offer is a good deal
more favorable than the Wt'imnfUHl.
1t is free from many of the conditions
that made that proposition impossible
of acceptance 10y the Legislature and
people Of Virginia, but still the
bondholders do not offer 10 surrender
any of their principal. They want it
all. but point out how the principal, IN
gross. can be largely diminished blythe
cancellation Of several millions of the
1hcnct revenues demanded to meet the
interest charges as proposed in this
final WIiWdtUW are about SSOO,OOO per
annum.
Will TT BE ACCEPTED?
II is among the possibilities that this
new offer Will be recommended for
adoption by Il majority of the commit
4 - e.. 4 lsttIx N vrfl
be forwarded 10 the General Assembly
for any action that may occur to them
To be proper knowing ones last
night declared that the nature Of
the proposition was such that
with few changes it was possible that
the Legislature might deem it advisable
to submit IT to the people for their ac-
ccItance or rejection; but it is quite
clear that il does not come near enough
10 the Eiddl,hcreer bill to receive the
unanimous cndorsatIon of the legisla-
tive committee.
LAST NIGHT.
The figures of the new proposition
having been impaired in confidence to
the members of the committee, they
gathered themselves together in groups
In their rooms and proceeded TO figure
ON the figures. Al that they chose to
tell the reporters was that the PROPOSE
ton was 1.-THE most favorable one yet
sent in. but whether it met the de-
mands Of the situation those who could
ten would not.
The most hopeful view is that it
starts the negotiations anew, and that
with good temper and good feeling 1T
may lead to a successful issue. Some
of the members of the committee IT
must however. be admitted. regard
the offer as nothing more nor less than
an effort on the part of the bondhold-
a, 10 regain the ground LOST to them
by the olerous and extnvagant sugges-
hons of their previous WtimatUm.
THIS Is THE ULTDATUM.
Mr.. Braithwaite said last night that
tins was their WtjHdtUM. Being re-
minded that they had said this before,
he remarked that that was very true.
They said so, he declared, i'll good
faith and in execution of the powers
and instructions then vested in them,
but now they were acting under later
adyiccs.
lie regarded this absolutely as the
very best offer that could and would be
made by the Council OF Foreign Bond
holders.
The Council, be it understood, does
not claim to own or control the bonds
of Virginia held in England the most
il asserts ia that il will be able to d" in
hucnce a settlement if they can agree
with Virginia upon such terms as they
canhcartilyTecommendtOthe bOndhold-
els. Hcreeards this uhiMdhim as offer
ing better terms than was proposed by
Mr. Royal. and he has no doubt at all
of our ability 10 meet the interest de-
manded, and that without increase of
taxation or materially interfering with
present appropriations
Being asked If he thought that the
committee would accept the offer, he
said laughingly: eyes, if they are SEN
sible men" He desired that the Nir-
CHINA public should see this latest pro-
position, being sure that it would
recommend itself TO them.
Governor Lee and Hon. John S.
Barbour were both appraised last night
of the details Of this latest Offer
TIE COMMITTEES OFFER.
In the recent deliberations, after the
most exhaustive discussion, the utmost
that our committee could see its way
clear to doing was to offer principal
sum of So, 600, 600 at per cent. IN
ttTeH.
The Riddlebcrger bill calls for some
&22, 0Go, 600 of principal at per cent,
besides which there are some 1000, 900 |
of overdue coupons. So the commit
tee made no great advance on the Rid !
dlebcreer bill. They were pretty closely |
divided as to whether they would con
sent ever TO issue another tax-receiva-
bic coupon.
The last proposition of Messrs. Thorn
ton and Braithwaite exceeded the sum |
named by the committee by $40, 00O,-
600 of principal and about $780, |
600 per annum of interest. SO |
that if there is TO be a practical propo-
sition this morning it must be a
decidedly better one than the ultima
tum to have the slightest prospect OF
acceptance.